JPMorgan preferreds push higher; Duke Energy positive; AT&T $25-par notes improve

By James McCandless

San Antonio, April 15 – The preferred space opened a new week with a broad move higher by the close of trading.

Leading volume, JPMorgan Chase & Co.’s 6% series EE and 5% series DD non-cumulative preferreds were both pushing higher.

Elsewhere in finance, Morgan Stanley’s 5.85% fixed-to-floating rate non-cumulative preferred stock saw a boost.

Meanwhile, utilities name Duke Energy Corp.’s 5.75% series A cumulative redeemable perpetual preferred stock was also positive.

Sector peer Southern California Edison, a subsidiary of Edison International, saw its 5% cumulative trust preference securities follow the day’s trend upward.

In telecom, AT&T, Inc.’s 5.35% global notes due 2066 gained during Monday’s activity.

JPMorgan higher

Leading the preferred space in volume, JPMorgan’s 6% series EE and 5% series DD non-cumulative preferreds both moved higher on Monday.

The series EE preferreds (NYSE: JPMPrC) were up 3 cents to close at $26.52 on volume of about 370,000 shares.

On Friday, the preferreds lost 1 cent.

The series DD preferreds (NYSE: JPMPrD) were up 5 cents to close at $26.05 on volume of about 115,000 shares.

Elsewhere in the finance space, Morgan Stanley’s 5.85% fixed-to-floating rate non-cumulative preferred stock also saw a boost.

The preferreds (NYSE: MSPrK) added 25 cents to close at $26.23 with about 243,000 shares trading.

Duke Energy positive

Meanwhile, in utilities, Duke Energy’s 5.75% series A cumulative redeemable perpetual preferred stock was similarly positive.

The preferreds (NYSE: DUKPrA) gained 4 cents to close at $25.77 on volume of about 231,000 shares.

On Friday, the preferreds were active but level.

Sector peer Southern California Edison’s 5% cumulative trust preference securities followed the day’s trend.

The preferreds (NYSE: SCEPrL) picked up 5 cents to close at $21.80 with about 129,000 shares trading.

AT&T gains

Telecom giant AT&T’s 5.35% global notes due 2066 were also gaining by the session’s end.

The notes (NYSE: TBB) rose 8 cents to close at $25.09 on volume of about 113,000 notes.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.18% by the close, rising from the 0.11% gain in early trading on Monday.

The iShares US Preferred Stock ETF was up 2 cents to $36.70.

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